Gambian leader Adama Barrow, said the great performance of the economy demonstrates that Gambian workers are redoubling their efforts towards the realization of economic growth, leading to the country having enough foreign exchange to cover the import needs of the country for a period of five months.
He said this has improved from less than one month import cover in 2016, as he acted under section 76 of the 1997 Constitution of The Gambia, to declare tomorrow Wednesday 1st May, 2019, as a Public Holiday throughout The Gambia, in observance of International Workers’ Day today Monday.
President Barrow pointed out that the gross domestic product (GDP) has also improved, meaning that the value of goods and services in the country has been enhanced.
He added that the government is managing the debt of the country by reducing it to 88% from a whopping 120% of the GDP.
President Barrow said his government also continues to manage its domestic borrowing, which has been reflected in the latest interest rates of the Treasury bills – dropping from 23% to between 4.5% – 9% in his two years of governing.
He disclosed that the government’s lending rate has also dropped from 23% – 30% to between 13% and 15%, respectively.
He commended Gambian workers for their incredible sacrifices for the progress of the country.
“Workers’ Day is an opportunity for all Gambian to not only enjoy themselves and spend time with their family, but also to reflect on how far we have come in improving the welfare and wellbeing of all workers in The Gambia.
Just as the government has done with the 20% increment of salaries for civil servants this year, the Barrow government would continue to grow the economy in order to translate progress into tangible benefits for all and sundry,” he concluded